Economists recently became very optimistic about the labor market leading up to Thursday’s jobs report.

Paul Vigna

They weren’t disappointed.

The economy added 288,000 jobs last month and the prior two months were revised higher, signaling employers added jobs at a robust clip in the second quarter. The report fueled a broad rally on Wall Street, with the Dow Jones Industrial Average jumping above 17000 for the first time.

The unemployment rate, obtained from a separate survey of households, fell to 6.1% in June, the lowest level since September 2008. Overall, June marked the best five-month stretch of job creation since early 2006.

In the latest installment of MoneyBeat Week, our weekly podcast, the crew examined the catalysts behind the improving labor market and what they mean for the economy and the Federal Reserve in the second half of the year.